Shortage of 1.7m homes claimed

file-24-housing.jpg25/03/2016 (Arab News – KSA): SEOUL/RIYADH: Saudi Arabia and South Korea have signed an agreement to build 100,000 houses over the next 10 years in the north of Riyadh costing SR75 billion.Housing Minister Majed bin Abdullah Al-Hogail inked the pact with the South Korean Ministry of Land, Transport and Infrastructure in Seoul on Thursday. The agreement includes an exchange of expertise through workshops and conferences. The joint consortium has two major South Korean companies, Daewoo Engineering and Construction Company and Hanwha Engineering and Construction Corporation, with Saudi Pan Kingdom Company.The houses would be built as part of a residential city over 38 sq. km, 14 km south of King Khaled International Airport in Riyadh. The final agreement will be signed in October in Riyadh.Meanwhile, Abdullah bin Suaidan, a prominent Saudi real estate businessman and expert, has claimed that there is a shortage of about 1.7 million houses in the Kingdom and 130,000 in Riyadh..




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